Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to €27.34, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Specialty Retail industry in Germany. Total loss to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.92 per share. New Risk • May 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 91% Dividend yield: 3.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Dividend is not well covered by cash flows (91% cash payout ratio). Share price has been volatile over the past 3 months (11% average weekly change). Aankondiging • Mar 31
Tractor Supply Company to Report Q1, 2026 Results on Apr 21, 2026 Tractor Supply Company announced that they will report Q1, 2026 results Pre-Market on Apr 21, 2026 Aankondiging • Mar 27
Tractor Supply Company, Annual General Meeting, May 14, 2026 Tractor Supply Company, Annual General Meeting, May 14, 2026. Declared Dividend • Feb 15
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 24th February 2026 Payment date: 10th March 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Feb 13
High number of new directors Independent Director Sonia Syngal was the last director to join the board, commencing their role in 2026. Recent Insider Transactions • Feb 06
President recently sold €3.8m worth of stock On the 3rd of February, Harry Lawton sold around 85k shares on-market at roughly €45.00 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Harry's only on-market trade for the last 12 months. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: US$2.07 (vs US$2.05 in FY 2024) Full year 2025 results: EPS: US$2.07. Revenue: US$15.5b (up 4.3% from FY 2024). Net income: US$1.10b (flat on FY 2024). Profit margin: 7.1% (down from 7.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Specialty Retail industry in Germany. Aankondiging • Jan 29
Tractor Supply Company Provides Earnings Guidance for Fiscal Year 2026 Tractor Supply Company provided earnings guidance for fiscal year 2026. For fiscal 2026, the Company expects net sales growth of 4% to 6% and diluted EPS of $2.13 to $2.23. Operating Margin Rate to be 9.3% to 9.6% and Net Income $1.11 billion to $1.17 billion. Aankondiging • Jan 07
Tractor Supply Company to Report Q4, 2025 Results on Jan 29, 2026 Tractor Supply Company announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Jan 29, 2026 Upcoming Dividend • Nov 17
Upcoming dividend of US$0.23 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.3%). Aankondiging • Nov 13
Cree Led, Inc. Files Patent Infringement Lawsuit Against Promier Products, Inc. and Tractor Supply Co Cree LED on November 12, 2025 announced that it has filed a patent infringement lawsuit in the United States District Court for the Northern District of Illinois against Promier Products Inc. (d/b/a LitezAll) and Tractor Supply Co. The lawsuit asserts that Promier Products and Tractor Supply have infringed Cree LED’s rights in the following patents by selling certain portable lighting products: United States Patent Nos. 9070850, 9754926, 10439112, 11791442, D790486 and D892066. Cree LED, together with its predecessor, Cree Inc., has a thirty-five-year track record of innovations and industry firsts. Cree LED has established itself as a trusted brand in portable lighting applications, known for consistently high performance and reliable product quality. Cree LED designs products specifically optimized for portable lighting applications, delivering industry-leading lumen output and maximum throw distance. Aankondiging • Nov 06
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on December 9, 2025 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $0.23 per share of the Company’s common stock. The dividend will be paid on December 9, 2025, to stockholders of record of the Company’s common stock as of the close of business on November 24, 2025. Aankondiging • Nov 05
Tractor Supply Company Expands Field & Stream Lineup to Celebrate Life Outdoors Tractor Supply Company announced that its assortment of exclusive Field & Stream products has arrived. A full lineup of hunting gear and equipment, premium dog products and apparel and accessories is now available in stores and online at TractorSupply.com/FieldandStream. Tractor Supply and Field & Stream first announced a multi-year, strategic licensing partnership in January, bringing together two brands that share the same authenticity, quality and passion for the outdoors. A full lineup of hunting equipment, premium dog products and accessories is now available in store and online. A full lineup of mining gear and equipment, premium dog product and apparel and accessories is now availability in stores and online. A full lineup the expanded Field & Stream lineup that celebrates the expanded Field & Stream lineup, Tractor Supply has released a new brand video showcasing the spirit of the outdoors and the excitement of hunting season. In June, Tractor Supply stores introduced a small range of Field & Stream hunting equipment. Customers have loved the quality, design and value of these products, generating strong momentum for the brand. The expanded collection features a wider range of blinds, feed and feeders, safes and trail cameras, all designed with the rugged reliability outdoor enthusiasts expect from such a legendary brand. Maryann Boettner, a Tractor Supply District Manager in Southwest Louisiana who started hunting with her dad as a child, has been using the 350 lb. Steel Deer Corn Feeder and can't say enough good things about it. Pet Collection: The Field & Stream Pet Collection is built for dogs that love the outdoors, just like their owners. It includes durable beds, hunting-inspired toys, a heavy-duty travel kennel and even a cozy camo dog coat for excursions into the field. The collection also features Field & Stream's Pack Provisions line of nutritious food and tasty treats formulated with energy-providing nutrients and rich in protein to fuel active dogs. Pack Provisions is a family of products designed to work together for optimal pet health, including food, supplements and treats. Apparel & Accessories: The Field & Stream apparel line is all about authentic lifestyle wear. Each timeless piece is crafted for comfort and durability. The Field & Stream apparel collection features t-shirts, hoodies and ball caps that blend Field & Stream's vintage outdoor style with Tractor Supply's Life Out Here spirit. The lineup also includes tote bags, blankets and insulated stainless-steel tumblers in both solid colors and vintage Field & Stream designs. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: US$0.49 (vs US$0.45 in 3Q 2024) Third quarter 2025 results: EPS: US$0.49 (up from US$0.45 in 3Q 2024). Revenue: US$3.72b (up 7.2% from 3Q 2024). Net income: US$259.3m (up 7.4% from 3Q 2024). Profit margin: 7.0% (in line with 3Q 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Aankondiging • Oct 01
Tractor Supply Company to Report Q3, 2025 Results on Oct 23, 2025 Tractor Supply Company announced that they will report Q3, 2025 results Pre-Market on Oct 23, 2025 Buy Or Sell Opportunity • Sep 12
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €51.12. The fair value is estimated to be €41.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 3.3%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period. Aankondiging • Aug 08
Tractor Supply Company Declares Quarterly Dividend, Payable on September 10, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. The dividend will be paid on September 10, 2024 to stockholders of record of the Company’s common stock as of the close of business on August 26, 2024. Aankondiging • Jul 26
Tractor Supply Company Updates Earnings Guidance for the Fiscal Year 2024 Tractor Supply Company updated earnings guidance for the fiscal year 2024. For the year, the company expects net sales in the range of $14.8 billion to $15.0 billion against previous guidance of $14.7 billion to $15.1 billion, Net Income in the range of $1.08 billion to $1.12 billion against previous guidance of $1.06 billion to $1.13 billion and Earnings per Diluted Share in the range of $10.00 to $10.40 against previous guidance $9.85 to $10.50. Aankondiging • Jul 09
Tractor Supply Company to Report Q2, 2024 Results on Jul 25, 2024 Tractor Supply Company announced that they will report Q2, 2024 results Pre-Market on Jul 25, 2024 Aankondiging • Jun 08
Massimo Group Launches Pontoon Boat Pilot Program with Tractor Supply Company in Select Texas Store Locations Massimo Group announced it has launched a Pontoon Boat Pilot Program with Tractor Supply Company, the largest rural lifestyle retailer in the United States, for in-store product placement in select Texas store locations. For more than 85 years, Tractor Supply Company has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. The company operates over 2,200 Tractor Supply stores in 49 states, and currently sells a variety of kayaks, canoes, fishing boats and pedal boats. Massimo Marine products will be the first pontoon boats available in Tractor Supply Company stores, including the entry level P-22 Limited Pontoon on the floor, and the mid-level P-24, T-25 and T-30 lineup of boats available to order. Massimo Marine's lineup of premium Pontoon boats are skillfully crafted and meticulously assembled in the USA, ensuring the utmost attention to detail, safety, and durability. Pontoon boats offer a luxurious and comfortable experience for pontoon enthusiasts, offering a range of options for optimal power and featuring a variety of comfort and convenience amenities. Massimo Marines P-22 Limited Pontoon boats offer a luxurious and comfortable experience for entry-level pontoon enthusiasts. Equipped with 40hp up to 115hp Mercury outboard engines, the Pontoon boats offer a range of options for optimal power. Additionally, boats feature a variety of comfort and convenience amenities, including 4×6.5 interior speakers, 5.5 touchscreen LCD audio display, Black Painted Fence Rail Finish, USB Ports, 12V Port, optional ski tow, Bimini-mounted anchor/navigation light, Mooring eye on the starboard side for tie-offs, Motor-stop safety lanyard, and an Antenna. Aankondiging • May 10
Tractor Supply Company Declares Quarterly Dividend, Payable on June 11, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. The dividend will be paid on June 11, 2024 to stockholders of record of the Company’s common stock as of the close of business on May 28, 2024. Aankondiging • Apr 26
Tractor Supply Company Reiterates Financial Outlook for Fiscal 2024 Tractor Supply Company Reiterated Financial Outlook for Fiscal 2024. For the year, company expects Net Sales to be in the range of $14.7 billion to $15.1 billion, Net Income to be in the range of $1.06 billion to $1.13 billion and earnings per share to be in the range of Earnings per Diluted Share $9.85 to $10.50. Aankondiging • Apr 05
Tractor Supply Company to Report Q1, 2024 Results on Apr 25, 2024 Tractor Supply Company announced that they will report Q1, 2024 results Pre-Market on Apr 25, 2024 Aankondiging • Mar 05
Tractor Supply Company, Annual General Meeting, May 09, 2024 Tractor Supply Company, Annual General Meeting, May 09, 2024. Aankondiging • Feb 06
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on March 12, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. This represents an increase of 7% versus the prior quarterly dividend rate of $1.03 per share. The dividend will be paid on March 12, 2024 to stockholders of record of the Company’s common stock as of the close of business on February 26, 2024. Aankondiging • Feb 01
Tractor Supply Company Provides Earning Guidance for Fiscal 2024 Tractor Supply Company provided earning guidance for fiscal 2024. For the period, the company expects Net Sales in the range of $14.7 billion to $15.1 billion, Net Income in the range of $1.06 billion to $1.13 billion and Earnings per Diluted Share in the range of $9.85 to $10.50. Aankondiging • Jan 10
Tractor Supply Company to Report Q4, 2023 Results on Feb 01, 2024 Tractor Supply Company announced that they will report Q4, 2023 results Pre-Market on Feb 01, 2024 Aankondiging • Nov 17
Tractor Supply Company Recalls Red Shed Hammock Swing Chairs Due to Fall Hazard Tractor Supply Company recalled Red Shed Hammock Swing Chairs due to fall hazard. Buying Opportunity • Nov 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be €241, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is also forecast to grow by 3.9% per annum over the same time period. Upcoming Dividend • Nov 17
Upcoming dividend of US$1.03 per share at 2.0% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.8%). Aankondiging • Nov 10
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on December 12, 2023 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.03 per share of the Company’s common stock. The dividend will be paid on December 12, 2023 to stockholders of record of the Company’s common stock as of the close of business on November 27, 2023. Aankondiging • Oct 29
Tractor Supply Company Revises Earnings Guidance for the Fiscal Year 2023 Tractor Supply Company revised earnings guidance for the fiscal year 2023. For the year, the company expected net sales to be $14.5 billion - $14.6 billion compared to previous guidance of $14.8 billion - $14.9 billion, Comparable Store Sales to be flat compared to previous guidance of +1.3% -+2.5%, Operating Margin Rate to be 10.1% - 10.2% compared to previous guidance of 10.2% - 10.3%, Net Income to be $1.10 billion - $1.11 billion compared to previous guidance of $1.12 billion - $1.15 billion and Earnings per Diluted Share to be $10.00 - $10.10 compared to previous guidance of $10.20 - $10.40. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$2.34 (vs US$2.11 in 3Q 2022) Third quarter 2023 results: EPS: US$2.34 (up from US$2.11 in 3Q 2022). Revenue: US$3.41b (up 4.3% from 3Q 2022). Net income: US$255.0m (up 8.9% from 3Q 2022). Profit margin: 7.5% (up from 7.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Germany. Buying Opportunity • Oct 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be €238, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings is also forecast to grow by 6.2% per annum over the same time period. 
